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Immovable Property and Movable Property

Immovable Property and Movable Property

Immovable Property

Furnish in the given columns the details of all immovable properties held by the assessee, including agricultural land whether located in or outside India, and whether assessable or exempt.

Details of similar assets belonging to any other person but includible in net wealth of the assessee should be given.

Value of immovable property should be declared as per rule 3 to 8, 20 and 21 of Schedule III. Where the assets are held as assets of business for which accounts are maintained regularly, the valuation should be done as per rule 14 of this Schedule.

Movable Property

Furnish in the given columns the details of all movable property held by the assessee, including those mentioned in, Section 2(e) which are not assets for purposes of the Wealth tax Act, whether located in India or outside India, whether assessable or exempt under section 5.

Details of similar assets belonging to any other person but includible in the net wealth of the assessee under section 4.

Value of movable property should be declared as per rules 1, 2 and 17 to 21 of Schedule III. Where the assets are held as assets of business for which accounts are maintained regularly, the valuation should be done as per rule 14 of Schedule III.

Held as Assets other than in Business or Profession

Indicate amount of cash in hand.

Indicate the form of gold, silver, platinum or other precious metal, its gross and net weight in grams and its value as per rule 20 of Schedule III. Valuation of jewellery is to be done as per rules 18 and 19 of Schedule III. In support of the valuation of jewellery; the prescribed form to be attached with the return is:-

  • Where the value of the jewellery on the valuation date is upto Rs. 5 lakhs, a statement in Form No. 0-8A as prescribed by rule 13 (c), signed by the assessee, or
  • Where the value of the jewellery on the valuation date exceeds Rs. 5 lakhs, a report of Registered Valuer in Form 0-8, as prescribed by rule 8D.

Held as Assets in Business or Profession

Indicate in the given column details of movable properties held as assets of business or profession carried on by the assessee as proprietor.

Indicate here the value of each asset as calculated on the basis of the provisions of the relevant rule of Schedule III.

A copy of the balance sheet or trial balance as on the valuation date and a copy of the auditor’s report if any, must be attached.

Where the assets are held as assets of business for which accounts are maintained regularly, rule 14 of Schedule III will apply for purposes of valuation. Give the description of movable property and also of claimed exemptions.

After showing such assets, if any as the case may be, these should be claimed as exempt.

The amount of tax, penalty or interest payable in consequence of any order passed under certain Direct Taxes Acts, which is outstanding on the valuation date, and

  • If the amount is disputed in appeal, revision or other proceedings, or
  • Though not disputed as above, if the amount is outstanding for more than 12 months on the valuation date, it should be clearly indicated.
  • Indicate the net amount of debt, which is deductible in the computation of net wealth. Indicate in the given columns details, in respect of the following debts:-
    1. Those which are secured or incurred in relation to assets other then assets of business of profession carried on by the assessee, and
    2. Those which are not related to any asset, e.g. a loan taken for purposes of marriage or education of children or any other personal loans.

Immovable Property and Movable Property

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